Federal budget sets aside $83B for clean technology tax credits – National
Serious money is heading for Canadian industries looking to reduce emissions after the federal government unveiled its answer to the US Inflation Reduction Act.
The spending commitments announced in Tuesday’s federal budget include tax credits for investments in clean electricity, clean-tech manufacturing, and hydrogen that together are expected to cost some $55 billion through to the 2034-35 fiscal year.
Total tax incentives amount to almost $83 billion over that timeframe when the carbon capture and storage and clean-tech investments credits announced last year were factored in, both of which saw minor boosts this round.
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The government says the funding is necessary to boost clean economy spending from some $15 billion a year to the $100 billion a year needed. The spending is also needed to not fall behind as other countries roll out subsidies,